Magnuson-Stevens Fishery Conservation and Management Act Provisions; Fisheries of the Northeastern United States; Northeast (NE) Multispecies Fishery; Modification of the Yellowtail Flounder Landing Limit for the U.S./Canada Management Area, 17806-17807 [07-1764]
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17806
Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Rules and Regulations
§ 1.1502–35T Transfers of subsidiary stock
and deconsolidations of subsidiaries
(temporary).
cprice-sewell on PROD1PC66 with RULES
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(c)(4)(ii) through (g)(2) [Reserved]. For
further guidance, see § 1.1502–
35(c)(4)(ii) through (g)(2).
(3) Anti-loss reimportation rule—(i)
Conditions for application. This
paragraph (g)(3) applies when—
(A) A member of a group (the selling
group) recognized and was allowed a
loss with respect to a share of stock of
S, a subsidiary or former subsidiary of
the selling group;
(B) That stock loss was duplicated (in
whole or in part) in S’s attributes
(duplicating items) at the earlier of the
time that the loss was recognized or that
S ceased to be a member; and
(C) Within ten years of the date that
S ceased to be a member, there is a
reimportation event. For this purpose, a
reimportation event is any event after
which a duplicating item is a
reimported item. A reimported item is
any duplicating item that is reflected in
the attributes of any member of the
selling group, including S, or, if not
reflected in the attributes, would be
properly taken into account by any
member of the selling group (for
example as the result of a carryback) (a
reimported item).
(ii) Effect of application. Immediately
before the time that a reimported item
(or any portion of a reimported item)
would be properly taken into account
(but for the application of this paragraph
(g)(3)), such item (or such portion of the
item) is reduced to zero and no
deduction or loss is allowed, directly or
indirectly, with respect to that item.
(iii) Operating rules. For purposes of
this paragraph (g)(3)—
(A) The terms member, subsidiary,
and group include their predecessors
and successors to the extent necessary
to effectuate the purposes of this
section;
(B) The determination of whether a
loss is duplicative is made under the
principles of paragraph (d)(4) of this
section; and
(C) The reduction of a reimported
item (other than duplicating items that
are carried back to a consolidated return
year of the selling group) is a
noncapital, nondeductible expense
within the meaning of § 1.1502–
32(b)(3)(iii).
(g)(4) through (g)(5) [Reserved]. For
further guidance, see § 1.1502–35(g)(4)
through (g)(5).
(6) General anti-avoidance rule
applicable on or after April 10, 2007. If
a taxpayer acts with a view to avoid the
purposes of this section, appropriate
VerDate Aug<31>2005
13:19 Apr 09, 2007
Jkt 211001
adjustments will be made to carry out
the purposes of this section.
(h) Application of other rules of law.
See § 1.1502–80(a) regarding the general
applicability of other rules of law.
(i) [Reserved]. For further guidance,
see § 1.1502–35(i).
(j)(1) [Reserved]. For further guidance,
see § 1.1502–35(j)(1).
(2) Transactions after April 10,
2007—(i) Effective date. Paragraph (g)(3)
of this section applies to reimported
items if the related stock loss is
recognized on or after April 10, 2007.
Paragraph (g)(3) (other than paragraph
(g)(3)(i)(A)) of this section also applies
with respect to the duplication of
subsidiary stock loss recognized in
dispositions (described in § 1.1502–
35(g)(3)(i)(A), as contained in 26 CFR
part 1, revised as of January 1, 2007) on
or after March 7, 2002, if the
reimportation event with respect to that
loss occurs on or after April 10, 2007.
For rules applicable to losses
reimported before April 10, 2007, see
§ 1.1502–35(g)(3), as contained in 26
CFR part 1 in effect on January 1, 2007.
Paragraphs (g)(6) and (h) of this section
apply on or after April 10, 2007. For
rules applicable prior to April 10, 2007,
see § 1.1502–35 as contained in 26 CFR
part 1 in effect on January 1, 2007.
(ii) Expiration date. The applicability
of paragraphs (g)(3), (g)(6), and (h) of
this section will expire on April 9, 2010.
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Linda M. Kroening,
Acting Deputy Commissioner for Services and
Enforcement.
Approved: March 29, 2007.
Eric Solomon,
Assistant Secretary of the Treasury.
[FR Doc. E7–6541 Filed 4–9–07; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric
Administration
50 CFR Part 648
[Docket No. 04011–2010–4114–02; I.D.
040407D]
Magnuson-Stevens Fishery
Conservation and Management Act
Provisions; Fisheries of the
Northeastern United States; Northeast
(NE) Multispecies Fishery; Modification
of the Yellowtail Flounder Landing
Limit for the U.S./Canada Management
Area
National Marine Fisheries
Service (NMFS), National Oceanic and
AGENCY:
PO 00000
Frm 00018
Fmt 4700
Sfmt 4700
Atmospheric Administration (NOAA),
Commerce.
ACTION: Temporary rule; landing limit.
SUMMARY: NMFS announces that the
Administrator, Northeast (NE) Region,
NMFS (Regional Administrator), is
increasing the Georges Bank (GB)
yellowtail flounder trip limit to 25,000
lb (11,340 kg) for NE multispecies daysat-sea (DAS) vessels fishing in the U.S./
Canada Management Area. This action
is authorized by the regulations
implementing Amendment 13 to the NE
Multispecies Fishery Management Plan
and is intended to prevent underharvesting of the Total Allowable Catch
(TAC) for GB yellowtail flounder while
ensuring that the TAC will not be
exceeded during the 2006 fishing year.
This action is being taken to provide
additional opportunities for vessels to
fully harvest the GB yellowtail flounder
TAC under the authority of the
Magnuson-Stevens Fishery
Conservation and Management Act
(Magnuson-Stevens Act).
DATES: Effective April 5, 2007, through
April 30, 2007.
FOR FURTHER INFORMATION CONTACT:
Tobey Curtis, Fishery Management
Specialist, (978) 281–9273, fax (978)
281–9135.
SUPPLEMENTARY INFORMATION:
Regulations governing the GB yellowtail
flounder landing limit within the U.S./
Canada Management Area are found at
§ 648.85(a)(3)(iv)(C) and (D). The
regulations authorize vessels issued a
valid limited access NE multispecies
permit and fishing under a NE
multispecies DAS to fish in the U.S./
Canada Management Area, as defined at
§ 648.85(a)(1), under specific
conditions. The TAC for GB yellowtail
flounder for the 2006 fishing year (May
1, 2006 - April 30, 2007) is 2,070 mt.
The regulations at § 648.85(a)(3)(iv)(D)
authorize the Regional Administrator to
increase or decrease the trip limits in
the U.S./Canada Management Area to
prevent over-harvesting or underharvesting the TAC allocation. On
March 8, 2007, the 10,000–lb (4,536–kg)
trip limit for GB yellowtail flounder was
reduced to 5,000 lb (2,268 kg) in the
Eastern U.S./Canada Area to prevent
over-harvesting the TAC (72 FR 10426),
and the requirement to only use a
haddock separator trawl in the Eastern
U.S./Canada Area was removed.
Currently, NE multispecies vessels
fishing in the Eastern U.S./Canada Area
under a NE multispecies day-at-sea
(DAS) with trawl gear must use either a
haddock separator trawl or a flounder
trawl net, as specified at
§ 648.85(a)(3)(iii). Based upon the most
E:\FR\FM\10APR1.SGM
10APR1
Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Rules and Regulations
cprice-sewell on PROD1PC66 with RULES
recent Vessel Monitoring System (VMS)
reports and other available information,
the Regional Administrator has
determined that the current rate of
harvest will result in the under-harvest
of the GB yellowtail flounder TAC
during the 2006 fishing year. Based on
this information, the Regional
Administrator is increasing the current
10,000–lb (4,536–kg) trip limit in the
Western U.S./Canada Area, and the
5,000–lb (2,268–kg) trip limit in the
Eastern U.S./Canada Area to 25,000 lb
(11,340 kg) in both areas, effective April
5, 2007, through April 30, 2007.
Accordingly, there is a 25,000–lb
(11,340–kg) trip limit on the amount of
GB yellowtail flounder that can be
harvested or landed for the remainder of
the fishing year for vessels subject to
these regulations. GB yellowtail
flounder landings will be closely
monitored through VMS and other
available information. Should 100
percent of the TAC allocation for GB
yellowtail flounder be projected to be
harvested, the Eastern U.S./Canada Area
will close to all groundfish DAS vessels,
and all vessels will be prohibited from
harvesting, possessing, or landing
yellowtail flounder from the U.S./
Canada Management Area for the
remainder of the fishing year.
Additionally, the Eastern GB cod TAC
will also be closely monitored, and
should 100 percent of its TAC allocation
be projected to be harvested, groundfish
DAS vessels will be prohibited from
entering the Eastern U.S./Canada Area
for the remainder of the fishing year, as
required by the regulations at
§ 648.85(a)(3)(iv).
Classification
This action is authorized by 50 CFR
part 648 and is exempt from review
under Executive Order 12866.
Pursuant to 5 U.S.C. 553(b)(B), the
Assistant Administrator (AA) finds good
cause to waive prior notice and
opportunity for public comment for this
action, because notice and comment
would be impracticable and contrary to
the public interest. The regulations at
§ 648.85(a)(3)(iv)(D) grant the Regional
Administrator the authority to adjust the
GB yellowtail flounder trip limits to
prevent over-harvesting or underharvesting the TAC allocation. Given
that approximately 20 percent of the GB
yellowtail flounder TAC remains
unharvested and the 2006 fishing year
ends on April 30, 2007, the time
necessary to provide for prior notice,
opportunity for public comment, or
delayed effectiveness would prevent the
agency from ensuring that the 2006 TAC
for GB yellowtail flounder will be fully
harvested. If implementation of this
VerDate Aug<31>2005
13:19 Apr 09, 2007
Jkt 211001
action is delayed, the NE multispecies
fishery could be prevented from fully
harvesting the TAC for GB yellowtail
flounder during the 2006 fishing year.
Under-harvesting the GB yellowtail TAC
would result in increased economic
impacts to the industry and social
impacts beyond those analyzed for
Amendment 13, as the full potential
revenue from the available GB
yellowtail flounder TAC in the U.S./
Canada Management Area would not be
realized. This action also relieves a
restriction placed on the NE
multispecies fishing industry by
liberalizing the trip limits for GB
yellowtail flounder.
For the reasons specified above and
because this action relieves a restriction,
the AA finds good cause, pursuant to 5
U.S.C. 553(d)(3), to waive the entire 30day delayed effectiveness period for this
action. A delay in the effectiveness of
the trip limit modification in this rule
would prevent the agency from meeting
its management obligation and ensuring
the opportunity for the 2006 TAC for GB
yellowtail flounder specified for the
U.S./Canada Management Area to be
harvested at a level that approaches
optimum yield. Any such delay could
lead to the negative impacts to the
fishing industry described above.
The rate of harvest of the GB
yellowtail flounder TAC in the U.S./
Canada Management Area is updated
weekly on the internet at https://
www.nero.noaa.gov. Accordingly, the
public is able to obtain information that
would provide at least some advanced
notice of a potential action to provide
additional opportunities to the NE
multispecies industry to fully harvest
the TAC for GB yellowtail flounder
during the 2006 fishing year. Further,
the potential for this action was
considered and open to public comment
during the development of Amendment
13 and Framework 42. Therefore, any
negative effect the waiving of public
comment and delayed effectiveness may
have on the public is mitigated by these
factors.
Authority: 16 U.S.C. 1801 et seq.
Dated: April 5, 2007.
James P. Burgess
Acting Director, Office of Sustainable
Fisheries, National Marine Fisheries Service.
[FR Doc. 07–1764 Filed 4–5–07; 1:36 pm]
BILLING CODE 3510–22–S
PO 00000
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17807
DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric
Administration
50 CFR Part 648
[Docket No. 061228342–7068–02; I.D.
122206A]
RIN 0648–AT66
Fisheries of the Northeastern United
States; Atlantic Herring Fishery; 2007–
2009 Specifications
National Marine Fisheries
Service (NMFS), National Oceanic and
Atmospheric Administration (NOAA),
Commerce.
ACTION: Final rule.
AGENCY:
SUMMARY: NMFS announces final
specifications for the 2007–2009 fishing
years for the Atlantic herring (herring)
fishery. The intent of this final rule is
to conserve and manage the herring
resource and provide for a sustainable
fishery.
Effective May 10, 2007, through
December 31, 2009.
ADDRESSES: Copies of supporting
documents, including the
Environmental Assessment, Regulatory
Impact Review, Initial Regulatory
Flexibility Analysis (EA/RIR/IRFA), and
Essential Fish Habitat Assessment are
available from Paul J. Howard,
Executive Director, New England
Fishery Management Council, 50 Water
Street, Mill 2, Newburyport, MA 01950.
The EA/RIR/IRFA is also accessible via
the Internet at https://www.nero.gov.
NMFS prepared a Final Final Regulatory
Flexibility Analysis (FRFA), a summary
of which is contained in the
Classification section of the preamble of
this final rule. Copies of the FRFA and
the Small Entity Compliance Guide are
available from Patricia A. Kurkul,
Regional Administrator, Northeast
Region, National Marine Fisheries
Service, One Blackburn Drive,
Gloucester, MA 01930–2298.
FOR FURTHER INFORMATION CONTACT: Eric
Jay Dolin, Fishery Policy Analyst, 978–
281–9259, e-mail at
eric.dolin@noaa.gov, fax at 978–281–
9135.
DATES:
SUPPLEMENTARY INFORMATION:
Background
Proposed 2007–2009 specifications
were published on January 10, 2007 (72
FR 1206 ), with public comment
accepted through February 9, 2007.
These final specifications are
unchanged from those that were
proposed. A complete discussion of the
E:\FR\FM\10APR1.SGM
10APR1
]]>Agencies
[Federal Register Volume 72, Number 68 (Tuesday, April 10, 2007)]
[Rules and Regulations]
[Pages 17806-17807]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-1764]
=======================================================================
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DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
50 CFR Part 648
[Docket No. 04011-2010-4114-02; I.D. 040407D]
Magnuson-Stevens Fishery Conservation and Management Act
Provisions; Fisheries of the Northeastern United States; Northeast (NE)
Multispecies Fishery; Modification of the Yellowtail Flounder Landing
Limit for the U.S./Canada Management Area
AGENCY: National Marine Fisheries Service (NMFS), National Oceanic and
Atmospheric Administration (NOAA), Commerce.
ACTION: Temporary rule; landing limit.
-----------------------------------------------------------------------
SUMMARY: NMFS announces that the Administrator, Northeast (NE) Region,
NMFS (Regional Administrator), is increasing the Georges Bank (GB)
yellowtail flounder trip limit to 25,000 lb (11,340 kg) for NE
multispecies days-at-sea (DAS) vessels fishing in the U.S./Canada
Management Area. This action is authorized by the regulations
implementing Amendment 13 to the NE Multispecies Fishery Management
Plan and is intended to prevent under-harvesting of the Total Allowable
Catch (TAC) for GB yellowtail flounder while ensuring that the TAC will
not be exceeded during the 2006 fishing year. This action is being
taken to provide additional opportunities for vessels to fully harvest
the GB yellowtail flounder TAC under the authority of the Magnuson-
Stevens Fishery Conservation and Management Act (Magnuson-Stevens Act).
DATES: Effective April 5, 2007, through April 30, 2007.
FOR FURTHER INFORMATION CONTACT: Tobey Curtis, Fishery Management
Specialist, (978) 281-9273, fax (978) 281-9135.
SUPPLEMENTARY INFORMATION: Regulations governing the GB yellowtail
flounder landing limit within the U.S./Canada Management Area are found
at Sec. 648.85(a)(3)(iv)(C) and (D). The regulations authorize vessels
issued a valid limited access NE multispecies permit and fishing under
a NE multispecies DAS to fish in the U.S./Canada Management Area, as
defined at Sec. 648.85(a)(1), under specific conditions. The TAC for
GB yellowtail flounder for the 2006 fishing year (May 1, 2006 - April
30, 2007) is 2,070 mt. The regulations at Sec. 648.85(a)(3)(iv)(D)
authorize the Regional Administrator to increase or decrease the trip
limits in the U.S./Canada Management Area to prevent over-harvesting or
under-harvesting the TAC allocation. On March 8, 2007, the 10,000-lb
(4,536-kg) trip limit for GB yellowtail flounder was reduced to 5,000
lb (2,268 kg) in the Eastern U.S./Canada Area to prevent over-
harvesting the TAC (72 FR 10426), and the requirement to only use a
haddock separator trawl in the Eastern U.S./Canada Area was removed.
Currently, NE multispecies vessels fishing in the Eastern U.S./Canada
Area under a NE multispecies day-at-sea (DAS) with trawl gear must use
either a haddock separator trawl or a flounder trawl net, as specified
at Sec. 648.85(a)(3)(iii). Based upon the most
[[Page 17807]]
recent Vessel Monitoring System (VMS) reports and other available
information, the Regional Administrator has determined that the current
rate of harvest will result in the under-harvest of the GB yellowtail
flounder TAC during the 2006 fishing year. Based on this information,
the Regional Administrator is increasing the current 10,000-lb (4,536-
kg) trip limit in the Western U.S./Canada Area, and the 5,000-lb
(2,268-kg) trip limit in the Eastern U.S./Canada Area to 25,000 lb
(11,340 kg) in both areas, effective April 5, 2007, through April 30,
2007. Accordingly, there is a 25,000-lb (11,340-kg) trip limit on the
amount of GB yellowtail flounder that can be harvested or landed for
the remainder of the fishing year for vessels subject to these
regulations. GB yellowtail flounder landings will be closely monitored
through VMS and other available information. Should 100 percent of the
TAC allocation for GB yellowtail flounder be projected to be harvested,
the Eastern U.S./Canada Area will close to all groundfish DAS vessels,
and all vessels will be prohibited from harvesting, possessing, or
landing yellowtail flounder from the U.S./Canada Management Area for
the remainder of the fishing year. Additionally, the Eastern GB cod TAC
will also be closely monitored, and should 100 percent of its TAC
allocation be projected to be harvested, groundfish DAS vessels will be
prohibited from entering the Eastern U.S./Canada Area for the remainder
of the fishing year, as required by the regulations at Sec.
648.85(a)(3)(iv).
Classification
This action is authorized by 50 CFR part 648 and is exempt from
review under Executive Order 12866.
Pursuant to 5 U.S.C. 553(b)(B), the Assistant Administrator (AA)
finds good cause to waive prior notice and opportunity for public
comment for this action, because notice and comment would be
impracticable and contrary to the public interest. The regulations at
Sec. 648.85(a)(3)(iv)(D) grant the Regional Administrator the
authority to adjust the GB yellowtail flounder trip limits to prevent
over-harvesting or under-harvesting the TAC allocation. Given that
approximately 20 percent of the GB yellowtail flounder TAC remains
unharvested and the 2006 fishing year ends on April 30, 2007, the time
necessary to provide for prior notice, opportunity for public comment,
or delayed effectiveness would prevent the agency from ensuring that
the 2006 TAC for GB yellowtail flounder will be fully harvested. If
implementation of this action is delayed, the NE multispecies fishery
could be prevented from fully harvesting the TAC for GB yellowtail
flounder during the 2006 fishing year. Under-harvesting the GB
yellowtail TAC would result in increased economic impacts to the
industry and social impacts beyond those analyzed for Amendment 13, as
the full potential revenue from the available GB yellowtail flounder
TAC in the U.S./Canada Management Area would not be realized. This
action also relieves a restriction placed on the NE multispecies
fishing industry by liberalizing the trip limits for GB yellowtail
flounder.
For the reasons specified above and because this action relieves a
restriction, the AA finds good cause, pursuant to 5 U.S.C. 553(d)(3),
to waive the entire 30-day delayed effectiveness period for this
action. A delay in the effectiveness of the trip limit modification in
this rule would prevent the agency from meeting its management
obligation and ensuring the opportunity for the 2006 TAC for GB
yellowtail flounder specified for the U.S./Canada Management Area to be
harvested at a level that approaches optimum yield. Any such delay
could lead to the negative impacts to the fishing industry described
above.
The rate of harvest of the GB yellowtail flounder TAC in the U.S./
Canada Management Area is updated weekly on the internet at https://
www.nero.noaa.gov. Accordingly, the public is able to obtain
information that would provide at least some advanced notice of a
potential action to provide additional opportunities to the NE
multispecies industry to fully harvest the TAC for GB yellowtail
flounder during the 2006 fishing year. Further, the potential for this
action was considered and open to public comment during the development
of Amendment 13 and Framework 42. Therefore, any negative effect the
waiving of public comment and delayed effectiveness may have on the
public is mitigated by these factors.
Authority: 16 U.S.C. 1801 et seq.
Dated: April 5, 2007.
James P. Burgess
Acting Director, Office of Sustainable Fisheries, National Marine
Fisheries Service.
[FR Doc. 07-1764 Filed 4-5-07; 1:36 pm]
BILLING CODE 3510-22-S
